| Document Date: 2014-01-14 06:24:13
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City Chongqing / / Company Corporates Carlsberg Breweries A/S / Grupo Modelo / United Kingdom BBB Carlsberg Breweries Denmark A/S / Baltika / SA Country Belgium BBB+ SABMiller Plc / Chongqing Jianiang JV / Heineken NV / Denmark Carlsberg Breweries A/S / Voting Rights Carlsberg A/S / Companies Anheuser Busch InBev NV / SABMiller Plc United Kingdom / Mexican FEMSA Cerveza / ABI / 2013F 2014F 2015F 3 Corporates Carlsberg Breweries A/S / Immediate Peer Group / Fitch Ratings / Carlsberg Finans A/S / Term IDR Stable Financial Data Carlsberg Breweries A/S / Peer Group Issuer A Anheuser Busch InBev NV / Carlsberg Breweries A/S / / Continent Asia / Europe / / Country Russia / United States / Brazil / Canada / United Kingdom / Ukraine / India / / Currency USD / DKK / EUR / / / Event M&A / Credit Rating / Company Expansion / / Facility Chongging Jianiang Brewery / Stable Stable Stable Stable Stable Stable Stable Stable Sector Characteristics Operating Risks Although / Outlook/ Watch Stable Stable Stable / / IndustryTerm even accounting / collective work product / particular insurer / / Organization Carlsberg Foundation / OECD / / Person Pablo Mazzini / / / Position Capex/CFO / developing and emerging-markets player / Major / / Region Latin America / eastern Europe / Western Europe / / URL www.fitchratings.com / /
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Corporates Food, Beverage & Tobacco / Denmark Carlsberg Breweries A/S Update Key Rating Drivers